Cryptocurrency Market Falls Below $300 Billion In Valuation
As much as the craze was of cryptocurrency last year and the speed at which it has been growing, sources now reveal that the cryptocurrency market is on a decline. According to latest statistics, the market has fallen below $300 billion as major crypto currencies have seen rapid declines including Bitcoin and Ethereum.
There has been a lot of volatility in the crypto currency market in the last week or so, as it fell below $300 billion in valuation. The market fell below the range of $280 billion and stumbled up and down till $350 billion. The market has been operating in this range in March.
Continuous volatility has been reported in the crypto currency market. The market has genuinely struggled to show signs of sustained short term recovery. Moreover, the markets have also failed to stay in the $11,000 region, which is a strong mid term position. Due to this, it has been reported and it is being said that the markets will continue to show signs of weakness and will report low signs of recovery in general.
What is interesting, however, about the market is that it has been operating in the $280 billion to $350 billion ranges since a few days. However, reports have it now that the markets are showing sign of downfall and have fallen below the $300 billion mark.
It is also being reported that major crypto currencies such as Bitcoin and others are being outperformed by other alternative currencies such as the 0x or Ontology. This can be due to the short term pump in the market. Nonetheless, major crypto currencies have been on a downward spiral, with Ripple, Bitcoin Cash and others reporting strong declines.
However, on the 28th of March, Bitcoin did show some signs of strong selling volumes. The crypto currency peaked to $8200 but then it struggled to remain at that level, as it fell to $7750 before showing signs of rebounding to $7850. Nonetheless, the volatility and lack of momentum in the crypto currency is a clear sign that the market is continuously struggling.